ECC approves massive hike in gas prices

• Interim Finance Minister Shamshad Akhtar chaired meeting.
• ECC approved the summary of the increase in gas prices.
• The new gas rate is likely to be implemented from Oct 1.

ISLAMABAD: The Economic Coordination Committee(ECC) decided to drop gas bombs on the public as the summary of the price increase was approved.

According to the details, a meeting of the ECC was held under the chairmanship of caretaker Finance Minister Shamshad Akhtar, in which the Economic Coordination Committee approved the summary of the increase in gas prices.

Sources said that the increase has put an additional burden of Rs 395 billion on the gas consumers while an increase of almost 200 percent in the gas tariff has been approved.

It has been decided to increase the price of gas up to 172 percent for domestic consumers. For various other categories gas has been approved to be hiked up to around 200 percent.

Sources said fixed monthly charges for the protected consumers will be increased from Rs10 to Rs400, while the tariff for the import industry is likely to be jacked up to Rs2050 from Rs950. The gas price for CNG is proposed to increase by Rs2595 rupees per MMBTU.

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